According to Forbes, Elon Musk's xAI company announced on Monday that it raised $6 billion in a Series C funding round, with its valuation exceeding $40 billion as the company continues to strengthen its artificial intelligence products and infrastructure. Investors include Blackrock, A16Z, Kingdom Holding, Fidelity, and Sequoia Capital, the latter three of which participated in xAI's $6 billion Series B funding round in May this year. xAI stated in the funding announcement that it is training Grok 3.